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\begin{document}

 {
\def\sep{0.5em}
\def\fns{\footnotesize}\def\onepc{$^{\ast\ast\ast}$} \def\fivepc{$^{\ast\ast}$}\def\tenpc{$^{\ast}$}

\def\legend{\multicolumn{3}{l}{\footnotesize{Significance levels
:\hspace{1em}  $\ast$ : 10\% \hspace{1em} $\ast\ast$ : 5\%
\hspace{1em} $\ast\ast\ast$ : 1\% \normalsize}}}
\begin{table}[htbp]\centering
 \caption{Effects of BITs on FDI \label{table2}}
\begin{tabular}{l c c c c c c c}\hline\hline
\multicolumn{1}{c} {\textbf{Variable}}
 &   Model 1a           &  Model 1b         &  Model 2a         &  Model 2b         &  Model 3          &  Model 4          &  Model 5          \\
&   OLS         &OLS            &2SLS           &2SLS           &2SLS           &2SLS           &2SLS           \\
&   \fns{(Std. Err.)}           & \fns{(Std. Err.)}             & \fns{(Std. Err.)}             & \fns{(Std. Err.)}             & \fns{(Std. Err.)}             & \fns{(Std. Err.)}             & \fns{(Std. Err.)}             \\

\hline

FDI (lag)   &   0.402   \onepc  &   -0.008      &   65.180 \onepc   &   -0.032  \tenpc  &   -0.029      &   -0.049  \fivepc &   -0.034  \tenpc   \\
    &\fns{( 0.073   )}  &\fns{( 0.016   )}  &\fns{( 0.411 )}    &\fns{( 0.019   )}  &\fns{( 0.019   )}  &\fns{( 0.024   )}  &\fns{( 0.020   )}  \\
BIT &   -22.364     &   0.288       &   620.144 \fivepc &   17.061  \fivepc &   14.582  \fivepc &   13.886  \tenpc  &   18.887  \fivepc \\
    &\fns{( 26.992  )}  &\fns{( 0.615   )}  &\fns{( 274.635 )}  &\fns{( 6.821   )}  &\fns{( 5.921   )}  &\fns{( 7.889   )}  &\fns{( 7.718   )}  \\
Other Bits (3 year avg of new BITs) &   9.627       &   0.413   \fivepc &   250.539 \onepc  &   8.565   \onepc  &   4.618   \onepc  &   5.229   \onepc  &   1.931       \\
    &\fns{( 12.699  )}  &\fns{( 0.200   )}  &\fns{( 0.074   )}  &\fns{( 2.026   )}  &\fns{( 1.590   )}  &\fns{( 1.703   )}  &\fns{( 3.475   )}  \\
Democracy   &   0.912   \onepc  &   0.008       &   1.475   \onepc  &   0.027   \fivepc &   0.001       &   0.016       &   0.028   \fivepc \\
    &\fns{( 0.341   )}  &\fns{( 0.010   )}  &\fns{( 0.420   )}  &\fns{( 0.012   )}  &\fns{( 0.016   )}  &\fns{( 0.014   )}  &\fns{( 0.013   )}  \\
Democracy x Other Bits  &           &           &           &           &   0.049   \tenpc  &           &           \\
    &           &           &           &           &\fns{( 0.029   )}  &           &           \\

1997    &           &           &           &           &           &   -18.386 \onepc  &           \\
    &           &           &           &           &           &\fns{( 6.398   )}  &           \\
1997 x Other BITs   &           &           &           &           &           &   17.603  \onepc  &           \\
    &           &           &           &           &           &\fns{( 5.964   )}  &           \\
Savings (lag)   &   -1.433  \onepc  &   0.052   \fivepc &   -0.062      &   0.096   \onepc  &   0.105   \onepc  &   0.163   \onepc  &   -0.069      \\
    &\fns{( 0.543   )}  &\fns{( 0.024   )}  &\fns{( 0.891   )}  &\fns{( 0.033   )}  &\fns{( 0.034   )}  &\fns{( 0.048   )}  &\fns{( 0.098   )}  \\
Savings (lag) x other BITs  &           &           &           &           &           &           &   0.362   \tenpc  \\
    &           &           &           &           &         &  &\fns{(            0.219   )}  \\


Polcon  &   -136.098    \fivepc &   0.692       &   -371.988    \onepc  &   -6.847  \onepc  &   -6.167  \onepc  &   -5.272  \fivepc &   -7.600  \onepc  \\
    &\fns{( 56.638  )}  &\fns{( 1.342   )}  &\fns{( 100.887 )}  &\fns{( 2.496   )}  &\fns{( 2.289   )}  &\fns{( 2.549   )}  &\fns{( 2.792   )}  \\

Trade (lag) &   0.024       &   -0.004      &   1.077   \fivepc &   0.031   \fivepc &   0.029   \fivepc &   0.029   \tenpc  &   0.054   \fivepc \\
    &\fns{( 0.276   )}  &\fns{( 0.010   )}  &\fns{( 0.440   )}  &\fns{( 0.015   )}  &\fns{( 0.015   )}  &\fns{( 0.017   )}  &\fns{( 0.024   )}  \\
PTA &   185.795 \onepc  &   0.934       &   -139.767        &   -8.769  \onepc  &   -7.396  \onepc  &   -17.524 \onepc  &   -8.509  \onepc  \\
    &\fns{( 66.801  )}  &\fns{( 1.115   )}  &\fns{( 141.378 )}  &\fns{( 3.154   )}  &\fns{( 2.674   )}  &\fns{( 6.330   )}  &\fns{( 3.254   )}  \\
Log Source GDP (lag)    &   1136.020    \onepc  &   9.334   \tenpc  &   1334.151    \onepc  &   16.917  \onepc  &   17.311  \onepc  &   11.710      &   15.873  \fivepc \\
    &\fns{( 275.890 )}  &\fns{( 5.168   )}  &\fns{( 293.640 )}  &\fns{( 6.325   )}  &\fns{( 6.244   )}  &\fns{( 7.255   )}  &\fns{( 6.617   )}  \\
log GDP (lag)   &   153.749 \onepc  &   -1.050      &   64.809      &   -4.268  \fivepc &   -4.791  \onepc  &   -7.268  \onepc  &   -4.044  \fivepc \\
    &\fns{( 47.124  )}  &\fns{( 1.203   )}  &\fns{( 60.776  )}  &\fns{( 1.746   )}  &\fns{( 1.815   )}  &\fns{( 2.651   )}  &\fns{( 1.872   )}  \\
World Growth Rate   &   21.547  \onepc  &   0.080       &   21.452  \onepc  &   0.101       &   0.138       &   0.160       &   0.079       \\
    &\fns{( 4.928   )}  &\fns{( 0.135   )}  &\fns{( 5.627   )}  &\fns{( 0.162   )}  &\fns{( 0.159   )}  &\fns{( 0.201   )}  &\fns{( 0.171   )}  \\
CAOI (lag)  &   4.719       &   -0.117      &   -15.144 \fivepc &   -0.784  \onepc  &   -0.723  \onepc  &   -0.683  \onepc  &   -0.795  \onepc  \\
    &\fns{( 4.059   )}  &\fns{( 0.108   )}  &\fns{( 7.352   )}  &\fns{( 0.211   )}  &\fns{( 0.192   )}  &\fns{( 0.230   )}  &\fns{( 0.222   )}  \\

\hline
N   &   7691        &   7691        &   7691        &   7691        &   7691        &   7691        &   7691        \\
F Statistic     &   17.72       &   4.890       &   13.140      &   4.660       &   4.890       &   3.350       &   4.090       \\
first stage F BIT   &           &           &   26.440      &   26.380      &   24.720      &   18.860      &   20.340      \\
first stage F Other BIT &           &           &   49.080      &   48.090      &   47.110      &   57.190      &   40.460      \\
First stage interaction term    &           &           &           &           &   36.990      &   9.920       &   25.820      \\
Hansen J p-value    &           &           &   0.720       &   0.384       &   0.230       &   0.758       &   0.585       \\
\hline  \legend \end{tabular}
\end{table}
}

 {
\def\sep{0.5em}
\def\fns{\footnotesize}\def\onepc{$^{\ast\ast\ast}$} \def\fivepc{$^{\ast\ast}$}\def\tenpc{$^{\ast}$}

\def\legend{\multicolumn{3}{l}{\footnotesize{Significance levels
:\hspace{1em}  $\ast$ : 10\% \hspace{1em} $\ast\ast$ : 5\%
\hspace{1em} $\ast\ast\ast$ : 1\% \normalsize}}}
\begin{table}[htbp]\centering
 \caption{Substantive Effects of BITs on FDI \label{table2}}
\begin{tabular}{l c c c  }\hline\hline
\multicolumn{1}{c} {\textbf{Variable}}

 &   Dollar change (millions)        &   percentage of SD \\
FDI (lag)   &   184.726 \onepc  &   0.382   \\
BIT &   620.144 \fivepc &   1.283   \\
Other Bits (3 year avg of new BITs) &   218.671 \onepc  &   0.452   \\
Savings (lag)   &   -0.760      &   -0.002  \\
Polcon  &   -80.269 \onepc  &   -0.166  \\
Democracy   &   56.819  \onepc  &   0.118   \\
Trade (lag) &   41.127  \fivepc &   0.085   \\
PTA &   -55.285     &   -0.114  \\
Log Source GDP (lag)    &   1688.551    \onepc  &   3.493   \\
log GDP (lag)   &   121.296     &   0.251   \\
World Growth Rate   &   20.544  \onepc  &   0.042   \\
CAOI (lag)  &   -42.329 \fivepc &   -0.088  \\
\hline  \legend \end{tabular}
\end{table}
}





 {
\def\sep{0.5em}
\def\fns{\footnotesize}\def\onepc{$^{\ast\ast\ast}$} \def\fivepc{$^{\ast\ast}$}\def\tenpc{$^{\ast}$}

\def\legend{\multicolumn{3}{l}{\footnotesize{Significance levels
:\hspace{1em}  $\ast$ : 10\% \hspace{1em} $\ast\ast$ : 5\%
\hspace{1em} $\ast\ast\ast$ : 1\% \normalsize}}}
\begin{table}[htbp]\centering
 \caption{Conditional Coefficient Other Bits Model 3 \label{table2}}
\begin{tabular}{l c c c }\hline\hline


25th percentile of Democracy    &   4.618   \onepc  \\
    &\fns{( 1.590   )}  \\
50th percentile of Democracy    &   5.592   \onepc  \\
    &\fns{( 1.384   )}  \\
75th percentile of Democracy    &   9.000   \onepc  \\
    &\fns{( 2.277   )}  \\
\hline  \legend \end{tabular}
\end{table}
}

 {
\def\sep{0.5em}
\def\fns{\footnotesize}\def\onepc{$^{\ast\ast\ast}$} \def\fivepc{$^{\ast\ast}$}\def\tenpc{$^{\ast}$}

\def\legend{\multicolumn{3}{l}{\footnotesize{Significance levels
:\hspace{1em}  $\ast$ : 10\% \hspace{1em} $\ast\ast$ : 5\%
\hspace{1em} $\ast\ast\ast$ : 1\% \normalsize}}}
\begin{table}[htbp]\centering
 \caption{Conditional Coefficient Other Bits Model 4 \label{table2}}
\begin{tabular}{l c c c }\hline\hline



Pre-1997    &   5.229   \onepc  \\
    &\fns{( 1.703   )}  \\
Post-1997   &   22.832  \onepc  \\
    &\fns{( 6.807   )}  \\


\hline  \legend \end{tabular}
\end{table}
}
 {
\def\sep{0.5em}
\def\fns{\footnotesize}\def\onepc{$^{\ast\ast\ast}$} \def\fivepc{$^{\ast\ast}$}\def\tenpc{$^{\ast}$}

\def\legend{\multicolumn{3}{l}{\footnotesize{Significance levels
:\hspace{1em}  $\ast$ : 10\% \hspace{1em} $\ast\ast$ : 5\%
\hspace{1em} $\ast\ast\ast$ : 1\% \normalsize}}}
\begin{table}[htbp]\centering
 \caption{Conditional Coefficient Other Bits Model 5 \label{table2}}
\begin{tabular}{l c c c }\hline\hline



25th percentile of Savings  &   6.588   \onepc  \\
    &\fns{( 1.827   )}  \\
50th percentile of Savings  &   8.812   \onepc  \\
    &\fns{( 2.184   )}  \\
75th percentile of Savings  &   11.188  \onepc  \\
    &\fns{( 3.210   )}  \\
\hline  \legend \end{tabular}
\end{table}
}






 {
\def\sep{0.5em}
\def\fns{\footnotesize}\def\onepc{$^{\ast\ast\ast}$} \def\fivepc{$^{\ast\ast}$}\def\tenpc{$^{\ast}$}

\def\legend{\multicolumn{3}{l}{\footnotesize{Significance levels
:\hspace{1em}  $\ast$ : 10\% \hspace{1em} $\ast\ast$ : 5\%
\hspace{1em} $\ast\ast\ast$ : 1\% \normalsize}}}
\begin{table}[htbp]\centering
 \caption{Effects of BITs on FDI \label{table2}}
\begin{tabular}{l c c c c c c c c }\hline\hline
\multicolumn{1}{c} {\textbf{Variable}}

 &      Model 6         &   Model 7         &   Model 8         &   Model 9         &   Model 10        &   Model 11        &   Model 12        &   Model 13       \\
    &   2SLS        &   2SLS        &   2SLS        &   2SLS        &   2SLS        &   2SLS        &   2SLS        &   2SLS        \\
    &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       &   \fns{(Std. Err.)}       \\


FDI (lag)   &   -0.027      &   -0.030      &   -0.018      &   -0.102  \onepc  &   0.169   \onepc  &   -0.087  \onepc  &   -0.128  \onepc  &   0.972   \onepc  \\
    &\fns{( 0.020   )}  &\fns{( 0.019   )}  &\fns{( 0.022   )}  &\fns{( 0.028   )}  &\fns{( 0.014   )}  &\fns{( 0.030   )}  &\fns{( 0.043   )}  &\fns{( 0.054   )}  \\
BIT &           &   18.286  \fivepc &           &           &   5.226   \onepc  &   13.287  \fivepc &   13.402  \fivepc &   903.875     \\
    &           &\fns{( 7.478   )}  &           &           &\fns{( 0.926   )}  &\fns{( 6.696   )}  &\fns{( 5.873   )}  &\fns{( 633.925 )}  \\
BIT � pre arbitration clause    &   -8.776      &           &           &           &           &           &           &           \\
    &\fns{( 42.077  )}  &           &           &           &           &           &           &           \\
BIT � post arbitration clause   &   16.139  \fivepc &           &           &           &           &           &           &           \\
    &\fns{( 6.529   )}  &           &           &           &           &           &           &           \\
Other Bits (3 year avg of new BITs) &   7.545   \onepc  &   8.087   \onepc  &   6.606   \onepc  &   4.430   \tenpc  &   1.365   \onepc  &   6.603   \onepc  &   2.717       &   509.142 \fivepc \\
    &\fns{( 2.421   )}  &\fns{( 1.988   )}  &\fns{( 2.003   )}  &\fns{( 2.657   )}  &\fns{( 0.302   )}  &\fns{( 2.135   )}  &\fns{( 1.736   )}  &\fns{( 246.434 )}  \\
Democracy   &   0.039       &   0.018       &   0.010       &   0.014       &   0.006   \onepc  &   0.030   \fivepc &   0.056   \onepc  &   1.573       \\
    &\fns{( 0.024   )}  &\fns{( 0.012   )}  &\fns{( 0.014   )}  &\fns{( 0.021   )}  &\fns{( 0.002   )}  &\fns{( 0.015   )}  &\fns{( 0.021   )}  &\fns{( 1.273   )}  \\

Savings (lag)   &   0.095   \onepc  &   0.111   \onepc  &   0.134   \onepc  &   -0.074      &   0.000       &   0.106   \onepc  &   0.035       &   3.907       \\
    &\fns{( 0.032   )}  &\fns{( 0.035   )}  &\fns{( 0.037   )}  &\fns{( 0.058   )}  &\fns{( 0.004   )}  &\fns{( 0.041   )}  &\fns{( 0.054   )}  &\fns{( 2.496   )}  \\


Polcon  &   -5.630  \tenpc  &   -6.161  \fivepc &   -3.736      &   -1.973      &   -0.715  \fivepc &   -7.217  \onepc  &   -8.263  \fivepc &   -505.710        \\
    &\fns{( 2.953   )}  &\fns{( 2.422   )}  &\fns{( 2.329   )}  &\fns{( 3.032   )}  &\fns{( 0.299   )}  &\fns{( 2.812   )}  &\fns{( 3.660   )}  &\fns{( 315.951 )}  \\

Trade (lag) &   0.028   \tenpc  &   0.031   \fivepc &   0.015       &   0.026       &   0.001       &   0.011       &   -0.006      &   5.725   \fivepc \\
    &\fns{( 0.015   )}  &\fns{( 0.015   )}  &\fns{( 0.015   )}  &\fns{( 0.028   )}  &\fns{( 0.002   )}  &\fns{( 0.016   )}  &\fns{( 0.026   )}  &\fns{( 2.479   )}  \\
PTA &   -6.253      &   -11.858 \onepc  &   -10.615 \onepc  &   0.922       &   0.145       &   -9.137  \fivepc &   -2.739      &   -378.832        \\
    &\fns{( 4.730   )}  &\fns{( 4.116   )}  &\fns{( 3.630   )}  &\fns{( 1.840   )}  &\fns{( 0.435   )}  &\fns{( 3.580   )}  &\fns{( 3.534   )}  &\fns{( 313.788 )}  \\
Log Source GDP (lag)    &   13.743  \tenpc  &   16.843  \onepc  &   16.872  \fivepc &   -3.052      &   0.739   \tenpc  &   6.565       &   24.037  \fivepc &   2427.589    \onepc  \\
    &\fns{( 8.082   )}  &\fns{( 6.489   )}  &\fns{( 6.927   )}  &\fns{( 11.748  )}  &\fns{( 0.398   )}  &\fns{( 6.713   )}  &\fns{( 11.608  )}  &\fns{( 824.391 )}  \\
log GDP (lag)   &   -4.650  \onepc  &   -4.866  \onepc  &   -2.410      &   -1.164      &   0.593   \fivepc &   -6.921  \onepc  &   -3.062  \tenpc  &   -183.677        \\
    &\fns{( 1.813   )}  &\fns{( 1.864   )}  &\fns{( 1.772   )}  &\fns{( 3.036   )}  &\fns{( 0.236   )}  &\fns{( 2.027   )}  &\fns{( 1.783   )}  &\fns{( 235.667 )}  \\
World Growth Rate   &   0.072       &   0.111       &   0.176       &   -0.007      &   -0.030      &   -0.332      &   -3.216  \tenpc  &   16.050      \\
    &\fns{( 0.165   )}  &\fns{( 0.166   )}  &\fns{( 0.177   )}  &\fns{( 0.260   )}  &\fns{( 0.024   )}  &\fns{( 0.226   )}  &\fns{( 1.929   )}  &\fns{( 13.489  )}  \\
CAOI (lag)  &   -0.792  \onepc  &   -0.887  \onepc  &   -0.551  \onepc  &   -0.686  \fivepc &   -0.084  \onepc  &   -0.682  \onepc  &   -0.498  \onepc  &   -35.183     \\
    &\fns{( 0.206   )}  &\fns{( 0.240   )}  &\fns{( 0.184   )}  &\fns{( 0.346   )}  &\fns{( 0.025   )}  &\fns{( 0.237   )}  &\fns{( 0.194   )}  &\fns{( 22.449  )}  \\

\hline                                                                                                  \\
N   &   7691        &   7691        &   4931        &   2696        &   43762       &   3753        &   1455        &   4936        \\
F Statistic     &   4.560       &   4.480       &   5.160       &   1.970       &   56.440      &   3.530       &   3.890       &   86.460      \\
first stage F BIT   &           &   22.850      &           &           &   266.020     &   19.870      &   12.180      &   17.470      \\
first stage F BIT (pre-arbitration) &   4.860       &           &           &           &           &           &           &           \\
first stage F BIT (post � arbitration)  &   19.020      &           &           &           &           &           &           &           \\
first stage F Other BIT &   38.350      &   45.800      &   43.930      &   24.150      &   306.550     &   29.850      &   21.760      &   18.310      \\
Hansen J p-value    &   0.258       &   0.223       &   0.057       &   0.505       &   0.000       &   0.982       &   0.814       &   0.523       \\
\hline  \legend \end{tabular}
\end{table}
}



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